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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 29, 2002
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _______________________ to ______________________
Commission file number: 0-25787
WORLD MONITOR TRUST--SERIES B
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(Exact name of Registrant as specified in its charter)
Delaware 13-3985041
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(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
One New York Plaza, 13th Floor, New York, New York 10292
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
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Former name, former address and former fiscal year, if changed since last report
Indicate by check CK whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _CK_ No __
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PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<Table>
<Caption>
March 29, December 31,
2002 2001
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ASSETS
Cash $ 9,941,973 $10,752,455
Net unrealized gain (loss) on open futures contracts 148,637 (18,407 )
Accrued interest receivable 1,106 --
------------- ------------
Total assets $10,091,716 $10,734,048
------------- ------------
------------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Commissions payable $ 72,988 $ 68,108
Redemptions payable 36,278 110,284
Management fees payable 19,184 17,858
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Total liabilities 128,450 196,250
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Commitments
Trust capital
Limited interests (92,871.551 and 95,859.349 interests
outstanding) 9,836,172 10,407,513
General interests (1,200 interests outstanding) 127,094 130,285
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Total trust capital 9,963,266 10,537,798
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Total liabilities and trust capital $10,091,716 $10,734,048
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Net asset value per limited and general interest ('Interests') $ 105.91 $ 108.57
------------- ------------
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The accompanying notes are an integral part of these statements.
</Table>
2
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WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
Condensed Schedules of Investments
(Unaudited)
<Table>
<Caption>
March 29, 2002 December 31, 2001
-------------------------------- --------------------------------
Net Unrealized Net Unrealized
Gain (Loss) Gain (Loss)
as a % of Net Unrealized as a % of Net Unrealized
Futures Contracts Trust Capital Gain (Loss) Trust Capital Gain (Loss)
- -------------------------------------------------------------------------------------------------------------
Futures contracts purchased:
Stock indices $ (8,554) $ --
Interest rates -- 59,973
Currencies (16,800) 17,755
Commodities 49,056 (251,248)
-------------- --------------
Net unrealized gain (loss) on
futures contracts purchased 0.24% 23,702 (1.64)% (173,520)
-------------- --------------
Futures contracts sold:
Stock indices 13,210 (1,200)
Interest rates 35,403 --
Currencies 24,125 379,750
Commodities 52,197 (223,437)
-------------- --------------
Net unrealized gain on futures
contracts sold 1.25 124,935 1.47 155,113
------ -------------- ------ --------------
Net unrealized gain (loss) on
futures contracts 1.49% $ 148,637 (0.17)% $ (18,407)
------ -------------- ------ --------------
------ -------------- ------ --------------
Settlement Currency--Futures Contracts
Euro 0.30% 29,974 0.13% $ 13,461
Japanese yen -- -- 0.05 5,542
U.S. dollar 1.19 118,663 (0.35) (37,410)
------ -------------- ------ --------------
Total 1.49% $ 148,637 (0.17)% $ (18,407)
------ -------------- ------ --------------
------ -------------- ------ --------------
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The accompanying notes are an integral part of these statements.
</Table>
3
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WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
STATEMENTS OF OPERATIONS
(Unaudited)
<Table>
<Caption>
For the period from For the period from
January 1, 2002 January 1, 2001
to to
March 29, 2002 March 30, 2001
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REVENUES
Net realized gain (loss) on futures contracts $ (235,344) $ 1,947,929
Change in net unrealized gain/loss on open futures contracts 167,044 (1,578,961)
Interest income 56,055 242,503
-------------------- --------------------
(12,245) 611,471
-------------------- --------------------
EXPENSES
Commissions 192,058 328,132
Management fees 49,492 84,557
-------------------- --------------------
241,550 412,689
-------------------- --------------------
Net income (loss) $ (253,795) $ 198,782
-------------------- --------------------
-------------------- --------------------
ALLOCATION OF NET INCOME (LOSS)
Limited interests $ (250,604) $ 196,636
-------------------- --------------------
-------------------- --------------------
General interests $ (3,191) $ 2,146
-------------------- --------------------
-------------------- --------------------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED
AND GENERAL INTEREST
Net income (loss) per weighted average limited
and general interest $ (2.65) $ 1.40
-------------------- --------------------
-------------------- --------------------
Weighted average number of limited and general
interests outstanding 95,922 141,794
-------------------- --------------------
-------------------- --------------------
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</Table>
STATEMENT OF CHANGES IN TRUST CAPITAL
(Unaudited)
<Table>
<Caption>
LIMITED GENERAL
INTERESTS INTERESTS INTERESTS TOTAL
- -----------------------------------------------------------------------------------------------------
Trust capital--December 31, 2001 97,059.349 $10,407,513 $130,285 $10,537,798
Contributions 364.034 38,300 -- 38,300
Net loss (250,604) (3,191 ) (253,795)
Redemptions (3,351.832) (359,037) -- (359,037)
----------- ----------- --------- -----------
Trust capital--March 29, 2002 94,071.551 $ 9,836,172 $127,094 $ 9,963,266
----------- ----------- --------- -----------
----------- ----------- --------- -----------
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The accompanying notes are an integral part of these statements.
</Table>
4
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WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
NOTES TO FINANCIAL STATEMENTS
March 29, 2002
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of Prudential Securities Futures Management Inc. (the 'Managing Owner'), the
financial statements contain all adjustments (consisting of only normal
recurring adjustments) necessary to state fairly the financial position of World
Monitor Trust--Series B ('Series B') as of March 29, 2002 and the results of its
operations for the periods from January 1, 2002 to March 29, 2002 ('First
Quarter 2002') and January 1, 2001 to March 30, 2001 ('First Quarter 2001').
However, the operating results for the interim periods may not be indicative of
the results expected for a full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been omitted. It is suggested that
these financial statements be read in conjunction with the financial statements
and notes thereto included in Series B's Annual Report on Form 10-K filed with
the Securities and Exchange Commission for the year ended December 31, 2001.
On February 25, 2002, the Managing Owner elected to suspend the offering of
Interests in Series B and World Monitor Trust--Series C ('Series C') upon the
expiration of current selling registrations. The registrations expired in many
states on March 24, 2002 and all registrations expired by April 30, 2002.
B. Related Parties
The Managing Owner of Series B is a wholly-owned subsidiary of Prudential
Securities Incorporated ('PSI'), which, in turn, is an indirect wholly-owned
subsidiary of Prudential Financial, Inc. The Managing Owner or its affiliates
perform services for Series B, which include but are not limited to: brokerage
services; accounting and financial management; registrar, transfer and
assignment functions; investor communications, printing and other administrative
services. Except for costs related to brokerage services, PSI or its affiliates
pay the costs of these services in addition to the costs of offering Series B's
Interests as well as its routine operational, administrative, legal and auditing
costs.
The costs charged to Series B for brokerage services for First Quarter 2002
and First Quarter 2001 were $192,058, and $328,132, respectively.
All of the proceeds of the offering of Series B were received in the name of
Series B and were deposited in trading or cash accounts at PSI, Series B's
commodity broker. Series B's assets are maintained with PSI or, for margin
purposes, with the various exchanges on which Series B is permitted to trade.
PSI credits Series B monthly with 100% of the interest it earns on the average
net assets in Series B's accounts.
Series B, acting through its trading advisor, may execute over-the-counter,
spot, forward and/or option foreign exchange transactions with PSI. PSI then
engages in back-to-back trading with an affiliate, Prudential-Bache Global
Markets Inc. ('PBGM'). PBGM attempts to earn a profit on such transactions. PBGM
keeps its prices on foreign currency competitive with other interbank currency
trading desks. All over-the-counter currency transactions are conducted between
PSI and Series B pursuant to a line of credit. PSI may require that collateral
be posted against the marked-to-market positions of Series B.
As of March 29, 2002, a non-U.S. affiliate of the Managing Owner owned
148.095 limited interests of Series B.
C. Derivative Instruments and Associated Risks
Series B is exposed to various types of risk associated with the derivative
instruments and related markets in which it invests. These risks include, but
are not limited to, risk of loss from fluctuations in the value of derivative
instruments held (market risk) and the inability of counterparties to perform
under the terms of Series B's investment activities (credit risk).
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Market risk
Trading in futures and forward contracts (including foreign exchange)
involves entering into contractual commitments to purchase or sell a particular
commodity at a specified date and price. The gross or face amount of the
contracts, which is typically many times that of Series B's net assets being
traded, significantly exceeds Series B's future cash requirements since Series B
intends to close out its open positions prior to settlement. As a result, Series
B is generally subject only to the risk of loss arising from the change in the
value of the contracts. As such, Series B considers the 'fair value' of its
derivative instruments to be the net unrealized gain or loss on the contracts.
The market risk associated with Series B's commitments to purchase commodities
is limited to the gross or face amount of the contracts held. However, when
Series B enters into a contractual commitment to sell commodities, it must make
delivery of the underlying commodity at the contract price and then repurchase
the contract at prevailing market prices. Since the repurchase price to which a
commodity can rise is unlimited, entering into commitments to sell commodities
exposes Series B to unlimited risk.
Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification effects
among the derivative instruments Series B holds and the liquidity and inherent
volatility of the markets in which Series B trades.
Credit risk
When entering into futures or forward contracts, Series B is exposed to
credit risk that the counterparty to the contract will not meet its obligations.
The counterparty for futures contracts traded on United States and most foreign
futures exchanges is the clearinghouse associated with the particular exchange.
In general, clearinghouses are backed by their corporate members who are
required to share any financial burden resulting from the nonperformance by one
of their members and, as such, should significantly reduce this credit risk. In
cases where the clearinghouse is not backed by the clearing members (i.e., some
foreign exchanges), it is normally backed by a consortium of banks or other
financial institutions. On the other hand, if Series B enters into forward
transactions, the sole counterparty is PSI, Series B's commodity broker. Series
B has entered into a master netting agreement with PSI and, as a result, when
applicable, presents unrealized gains and losses on open forward positions as a
net amount in the statements of financial condition. The amount at risk
associated with counterparty nonperformance of all of Series B's contracts is
the net unrealized gain included in the statements of financial condition. There
can be no assurance that any counterparty, clearing member or clearinghouse will
meet its obligations to Series B.
The Managing Owner attempts to minimize both credit and market risks by
requiring Series B and its trading advisor to abide by various trading
limitations and policies. The Managing Owner monitors compliance with these
trading limitations and policies which include, but are not limited to,
executing and clearing all trades with creditworthy counterparties; limiting the
amount of margin or premium required for any one commodity or all commodities
combined; and generally limiting transactions to contracts which are traded in
sufficient volume to permit the taking and liquidating of positions.
Additionally, pursuant to the advisory agreement among Series B, the Managing
Owner and the trading advisor, Series B shall automatically terminate the
trading advisor if the net asset value allocated to the trading advisor declines
by 33 1/3% from the value at the beginning of any year or since the commencement
of trading activities. Furthermore, the Second Amended and Restated Declaration
of Trust and Trust Agreement provides that Series B will liquidate its
positions, and eventually dissolve, if Series B experiences a decline in the net
asset value of 50% from the value at the beginning of any year or since the
commencement of trading activities. In each case, the decline in net asset value
is after giving effect for distributions, contributions and redemptions. The
Managing Owner may impose additional restrictions (through modifications of
trading limitations and policies) upon the trading activities of the trading
advisor as it, in good faith, deems to be in the best interests of Series B.
PSI, when acting as Series B's futures commission merchant in accepting
orders for the purchase or sale of domestic futures contracts, is required by
Commodity Futures Trading Commission ('CFTC') regulations to separately account
for and segregate as belonging to Series B all assets of Series B relating to
domestic futures trading and is not allowed to commingle such assets with other
assets of PSI. At March 29, 2002, such segregated assets totalled $7,114,854.
Part 30.7 of the CFTC regulations also requires PSI to secure assets of Series B
related to foreign futures trading which totalled $2,975,756 at March 29, 2002.
There are no segregation requirements for assets related to forward trading.
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As of March 29, 2002, all open futures contracts mature within six months.
D. Financial Highlights
<Table>
<Caption>
First Quarter 2002 First Quarter 2001
------------------ ------------------
Performance per Interest
Net asset value, beginning of period $ 108.57 $ 121.87
Net realized gain (loss) and change in
net unrealized gain/loss
on commodity transactions (0.73) 2.64
Interest income 0.59 1.71
Expenses (2.52) (2.91)
------------------ ------------------
Increase (decrease) for the period (2.66) 1.44
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Net asset value, end of period $ 105.91 $ 123.31
------------------ ------------------
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Total return (2.45)% 1.18%
Ratio to average net assets (annualized)
Interest income 2.19% 5.60%
Expenses 9.42% 9.54%
</Table>
These financial highlights represent the overall results of Series B during
First Quarter 2002 and First Quarter 2001. An individual limited owner's actual
results may differ depending on the timing of contributions and redemptions.
7
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WORLD MONITOR TRUST--SERIES B
(a Delaware Business Trust)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Series B commenced operations on June 10, 1998 with gross proceeds of
$5,709,093 allocated to commodities trading. Additional contributions raised
through the continuous offering during First Quarter 2002 and for the period
from June 10, 1998 (commencement of operations) to March 29, 2002 resulted in
additional gross proceeds to Series B of $38,300 and $24,383,444, respectively.
The Managing Owner elected to suspend the offering of Interests in Series B and
Series C and allowed all selling registrations to expire by April 30, 2002. As
such, Series B and Series C do not anticipate receiving additional
contributions, and Interests owned in one series of World Monitor Trust may no
longer be exchanged for the Interests of one or more other Series.
Interests in Series B may be redeemed on a weekly basis, but are subject to a
redemption fee if transacted within one year of the effective date of purchase.
Redemptions of limited interests for First Quarter 2002 and for the period from
June 10, 1998 (commencement of operations) to March 29, 2002 were $359,037 and
$19,415,837, respectively. While there were no redemptions of general interests
for First Quarter 2002, redemptions of general interests for the period from
June 10, 1998 (commencement of operations) to March 29, 2002 totalled $149,775.
Future redemptions will impact the amount of funds available for investment in
commodity contracts in subsequent periods.
At March 29, 2002, 100% of Series B's net assets were allocated to
commodities trading. A significant portion of the net assets was held in cash
which is used as margin for Series B's trading in commodities. Inasmuch as the
sole business of Series B is to trade in commodities, Series B continues to own
such liquid assets to be used as margin. PSI credits Series B monthly with 100%
of the interest it earns on the average net assets in Series B's accounts.
The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain commodity futures contract
prices during a single day by regulations referred to as 'daily limits.' During
a single day, no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent Series B from promptly liquidating its commodity
futures positions.
Since Series B's business is to trade futures and forward contracts, its
capital is at risk due to changes in the value of these contracts (market risk)
or the inability of counterparties to perform under the terms of the contracts
(credit risk). Series B's exposure to market risk is influenced by a number of
factors including the volatility of interest rates and foreign currency exchange
rates, the liquidity of the markets in which the contracts are traded and the
relationships among the contracts held. The inherent uncertainty of Series B's
speculative trading as well as the development of drastic market occurrences
could result in monthly losses considerably beyond Series B's experience to date
and could ultimately lead to a loss of all or substantially all of investors'
capital. The Managing Owner attempts to minimize these risks by requiring Series
B and its trading advisor to abide by various trading limitations and policies,
which include limiting margin amounts, trading only in liquid markets and
permitting the use of stop loss provisions. See Note C to the financial
statements for a further discussion on the credit and market risks associated
with Series B's futures and forward contracts.
Series B does not have, nor does it expect to have, any capital assets.
Results of Operations
The net asset value per Interest as of March 29, 2002 was $105.91, a decrease
of 2.45% from the December 31, 2001 net asset value per Interest of $108.57.
Past performance is not necessarily indicative of future results.
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Series B's gross trading gains (losses) were $(68,000) during First Quarter
2002 compared to $369,000 for the corresponding period in the prior year. Due to
the nature of Series B's trading activities, a period to period comparison of
its trading results is not meaningful. However, a detailed discussion of Series
B's First Quarter 2002 trading results is presented below.
Quarterly Market Overview
While the first quarter of 2002 was generally characterized by continued
weakness in global economies, there was definite evidence of economic recovery.
The combination of post September 11th economic activity, infusions of
government spending and unseasonably warm weather helped jumpstart the economy
during the first quarter. Jobless claims moderated to levels that suggested that
the labor market was no longer contracting, manufacturing activity increased
slightly and consumer spending and housing activity remained stable, helping the
economy achieve a 5.8% growth rate for the quarter. U.S. economic recovery
helped boost global growth, but to a lesser extent than in the U.S. The U.K.'s
economy expanded by 0.1% during the first quarter while economic activity in
Europe and Canada remained stable. The Japanese economy remained weak.
Global bond markets trended lower through most of the first quarter amid
growing prospects for imminent interest rate hikes by central banks. In the
U.S., interest rates rose towards the end of the quarter in response to stronger
than expected economic data and indications that the Federal Reserve (the 'Fed')
would lean towards increasing rates in the near future. The Fed kept rates
unchanged at 1.75% during its two meetings this quarter, a marked change from
the eleven rate decreases in 2001. Additionally, the Fed shifted its perception
of the economy's 'balance of risks' from 'economic weakness' to 'balanced'
during the March 19th meeting. This reinforced comments made by Alan Greenspan,
the Fed's Chairman, during his congressional testimony where he stated that
recent evidence suggests an economic expansion is under way. European and
Australian interest rate instruments fell as well amid indications that the
global recession is showing signs of abatement. Conversely, Japanese interest
rates declined as a result of weak economic data in Japan despite the short-term
rise in the stock market.
Equity indices began the quarter choppily due to a continuing weak economy
and concerns about balance sheet reporting and accounting irregularities. Stock
markets climbed towards mid-quarter as a result of positive data and hopes of an
economic recovery. U.S. stock markets moved upward as a result of Fed Chairman
Alan Greenspan's testimony to Congress that economic expansion was well under
way. Despite continued weakness in the Japanese economy, the Nikkei rallied in
March to its highest level since August.
In foreign exchange markets, the U.S. dollar remained strong against most
major foreign currencies as the U.S. economy exhibited signs of recovery. The
Japanese yen started the quarter down against the U.S. dollar, but rose towards
quarter-end as a result of a rally in the Japanese stock market and investors
repatriating capital in anticipation of Japan's March 31st fiscal year-end. Most
European currencies and the euro were weak early in the quarter but rallied in
March amid hopes of an economic recovery.
Energy markets were volatile at the beginning of the quarter but rose toward
quarter-end as the escalating conflict in the Middle East prompted fears of an
interruption in supplies. This, together with hopes for increased U.S. energy
demand due to a recovering economy, reinforced the normal seasonal upward
pressure on energy prices. In particular, crude oil reached a six-month high at
the end of the quarter as the conflict in the Middle East gained momentum.
Expectations for colder March weather, together with concerns regarding the
safety of nuclear power plants, helped drive prices higher.
Quarterly Performance of Series B
The following is a summary of performance for the major sectors in which
Series B traded:
Interest rates (-): Global bond markets fell on speculation of economic
growth and news in March that the U.S. Federal Reserve shifted their view on the
economy from weak to neutral. Long positions in U.S., Japanese and European
bonds incurred losses.
Currencies (-): Short Japanese yen and euroyen positions incurred losses as
the yen was bolstered by the repatriation of capital in anticipation of Japan's
March 31st fiscal year-end. Swiss franc positions resulted in losses for Series
B as the U.S. dollar rallied on positive economic news.
Stock indices (-): Short positions in the Nikkei Dow, Nasdaq, S&P500 and Euro
DAX resulted in losses as equity indices rose amid hopes for an economic
recovery.
9
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Energies (+): Energy prices rose as the conflict in the Middle East
intensified resulting in gains for long crude oil and natural gas positions.
Metals (+): Precious metals rallied due to uncertainty in world economic
markets, conflict in the Middle East and the desire of Japanese investors to
hold gold due to weakness in the Japanese economy. Long gold positions resulted
in gains. Base metals climbed as global economic activity showed signs of
recovery. Long positions in copper and aluminum resulted in gains.
Decreases in interest income, commissions and management fees during First
Quarter 2002 as compared to First Quarter 2001 are primarily due to the effect
of redemptions as well as unfavorable trading performance during 2001 on Series
B's weekly net asset values offset, in part, by contributions received, as
further discussed below.
Interest income is earned on the average net assets held at PSI and,
therefore, varies weekly according to interest rates, trading performance,
contributions and redemptions. Interest income decreased by $186,000 during
First Quarter 2002 as compared to First Quarter 2001 due to the decrease in
average net asset levels discussed above as well as lower overall interest rates
during 2002 versus 2001.
Commissions are calculated on Series B's net asset value at the end of each
week and, therefore, vary according to weekly trading performance, contributions
and redemptions. Commissions decreased by $136,000 during First Quarter 2002 as
compared to First Quarter 2001 due to the decrease in average net asset levels
as discussed above.
All trading decisions for Series B are made by Eclipse Capital Management,
Inc. (the 'Trading Advisor'). Management fees are calculated on Series B's net
asset value at the end of each week and, therefore, are affected by weekly
trading performance, contributions and redemptions. Management fees decreased by
$35,000 during First Quarter 2002 as compared to First Quarter 2001 due to the
decrease in average net asset levels as discussed above.
Incentive fees are based on the 'New High Net Trading Profits' generated by
the Trading Advisor, as defined in the advisory agreement among Series B, the
Managing Owner and the Trading Advisor. Series B did not incur an incentive fee
during First Quarter 2002 or First Quarter 2001.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information regarding quantitative and qualitative disclosures about market
risk is not required pursuant to Item 305(e) of Regulation S-K.
10
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the Managing Owner.
Item 2. Changes in Securities-- None
Item 3. Defaults Upon Senior Securities--None
Item 4. Submission of Matters to a Vote of Security Holders--None
Item 5. Other Information-- None
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits--
3.1
and
4.1-- Second Amended and Restated Declaration of Trust and Trust
Agreements of World Monitor Trust dated as of March 17, 1998
(incorporated by reference to Exhibits 3.1 and 4.1 to Series B's
Registration Statement on Form S-1, File No. 333-43041)
4.2-- Form of Request for Redemption (incorporated by reference
to Exhibit 4.2 to Series B's Registration Statement on Form
S-1, File No. 333-43041)
4.3-- Form of Exchange Request (incorporated by reference
to Exhibit 4.3 to Series B's Registration Statement
on Form S-1, File No. 333-43041)
4.4-- Form of Subscription Agreement (incorporated
by reference to Exhibit 4.4 to Series B's
Registration Statement on Form S-1, File No.
333-43041)
(b) Reports on Form 8-K--None
11
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WORLD MONITOR TRUST--SERIES B
By: Prudential Securities Futures Management Inc.
A Delaware corporation, Managing Owner
By: /s/ Barbara J. Brooks Date: May 13, 2002
----------------------------------------
Barbara J. Brooks
Chief Financial Officer
12